For a decade, Dubai has prospered as the Middle East's top financial centre, handling tens of billions of dollars of oil wealth. That dominance may now be threatened as neighbouring Abu Dhabi demands a piece of the pie. Last week, Abu Dhabi outlined plans for a full-service financial zone on an island near its downtown area that will have its own administration, court system and tax incentives to lure banks and other firms from around the world.
Abu Dhabi has one of the world's biggest sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA), with assets estimated at $400-600 billion. The UAE's two biggest banks by market value, National Bank of Abu Dhabi and First Gulf Bank, are headquartered in Abu Dhab..............................................Full Article: Source